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Morning News Call - India, December 5
December 5, 2017 / 3:21 AM / 13 days ago

Morning News Call - India, December 5

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    FACTORS TO WATCH
    10:00 am: NITI Aayog CEO Amitabh Kant, TRAI Secretary S.K. Gupta, Eros
International CEO Jyoti Deshpande, DIPP Secretary Rajiv Aggarwal at CII Big
Picture Summit in New Delhi.
    10:30 am: Trade union, social sector and agriculture sector representatives
to meet Finance Minister Arun Jaitley, the first of the pre-budget meetings in
New Delhi.
    3:00 pm: CBEC Commissioner Sandeep Kumar to address press meet on the United
Nations TIR Convention in New Delhi.
    4:00 pm: Commerce Minister Suresh Prabhu and Junior Commerce Minister C.R.
Chaudhary at mid-term review of Foreign Trade Policy in New Delhi.
    
   
    INDIA TOP NEWS
    • India asks UK court to extradite tycoon on fraud charges
    India asked a London court on Monday to extradite tycoon Vijay Mallya to
face fraud charges of palming off losses from his failing Kingfisher Airlines
onto a state-owned bank.
    • Trade union sets deadline in talks over Thyssenkrupp Tata Steel deal
    German labour union IG Metall has given Thyssenkrupp until December 22 to
agree guarantees on jobs, plants and investment if the company is to get the
union's backing for its deal with Tata Steel to merge their European steel
operations.
    • Indian public relations firm files insolvency plea against RCom
    Fortuna Public Relations Pvt. Ltd has filed an insolvency petition against
phone carrier Reliance Communications Ltd over a claim for unpaid dues of 4.4
million rupees, a lawyer representing the public relations firm said on
Monday.
    • Growth, healing: New CEO faces twin tests at India's Infosys
    Investors on Monday cheered the appointment of Infosys Ltd's new chief
executive, in hopes the Indian IT services firm can move past a costly boardroom
spat, though questions remain over how the new boss will navigate strained
corporate ties internally.
    • Indian oil refiners issue tanker tenders aimed at boosting domestic
shipping
    Two of India's state-owned oil refiners have issued tenders seeking to
charter tankers for at least five years while giving preference to Indian
companies, tender documents reviewed by Reuters showed, which would boost
domestic shipping firms battered by slumping tanker rates.


    GLOBAL TOP NEWS
    • U.S. top court lets Trump's latest travel ban go into full effect
    The U.S. Supreme Court on Monday handed a victory to President Donald Trump
by allowing his latest travel ban targeting people from six Muslim-majority
countries to go into full effect even as legal challenges continue in lower
courts.
    • Philippines halts sale of Sanofi dengue vaccine amid health risk
    The Philippines has ordered French drugmaker Sanofi to stop the sale,
distribution and marketing of its Dengvaxia dengue vaccine in the country after
the company last week warned it could worsen the disease in some
cases.
    • Ex-president Saleh dead after switching sides in Yemen's civil war
    Veteran former president Ali Abdullah Saleh was killed in a roadside attack
on Monday after switching sides in Yemen's civil war, abandoning his
Iran-aligned Houthi allies in favour of a Saudi-led coalition, foes and
supporters said.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,135.00, down 0.24 percent from its
previous close.
    • Indian government bonds are likely to fall in early trade ahead of a state
supply of notes later today. Investors are also awaiting the Monetary Policy
Committee' decision due tomorrow. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 7.06 percent-7.11 percent band.
    • The Indian rupee will likely open a tad higher, as the dollar rally slowed
amid caution the U.S. Senate now needs to reconcile the version of the tax bill
it passed over the weekend with that approved by the House of Representatives

    
    GLOBAL MARKETS
    • The Dow Jones Industrial Average reached a record high on Monday, with
banks and retailers surging and technology companies falling as investors
realigned their portfolios in hopes of benefiting from expected corporate tax
cuts.
    • Asian shares were subdued as investors' rotation out of technology shares
took the toll on some of the region's tech heavyweights although hopes of a
major tax cut in the United States underpinned risk sentiment.
    • The dollar held on to modest gains against its peers, with its rise made
at the week's start slowing as the market awaited the next phase of the U.S. tax
reform saga for cues.
    • U.S. Treasury yields dropped on Monday but remained higher than their
levels late on Friday, boosted by increased confidence that the U.S. Congress
would enact tax cut legislation after the Senate passed a bill early
Saturday.
    • Oil markets rose in early Asian trade, buoyed by expectations of a drop in
U.S. crude stockpiles and after last week's deal between OPEC and other crude
producers to extend output curbs.
    • Gold was steady, supported by a slightly weaker dollar, after falling in
the previous session as proposed changes to U.S. tax rules that could lead to
faster economic growth moved a step closer.
    
                    CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF  spot         64.36/64.39  December 4       -$51.89 mln  -$5.28 mln
 10-yr bond yields  7.13 pct     Month-to-date        -            -
                                 Year-to-date     $8.60 bln    $25.73 bln
 
    For additional data:
    India govt bond market volumes                 
    Stock market reports                
    Non-deliverable forwards data              
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
    
    ($1 = 64.37 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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